Why is Market Intelligence Crucial for Investment Due Diligence
In this blog, market intelligence experts answer some of the frequently asked questions about market intelligence services.
What is market intelligence?
Market intelligence services involve process of using multiple sources of information to gain a broader picture of a company’s existing market including their customer profiles, business challenges, the growth potential for a new product/service launch, and the key competitor strategies. By leveraging market intelligence services, companies can not only understand and meet their customer needs better than their competitors, but it also helps companies determine their internal goals.
Market intelligence services vs market research: what’s the difference?
Although the market intelligence services and market research are used interchangeably, there is a fundamental difference between the two. While market research solutions describe what is occurring as it occurs so that companies can react tactically, market intelligence services provide situational insights and interpretations so that companies can strategize on their next move. Strategic market intelligence services provide information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making. It is also highly useful in determining strategy in areas including market opportunity, market penetration strategy, and market development. Market research involves research relating to the size, location, and other essential elements of a product market.
What are the most effective ways to gather market intelligence?
Companies across industries are engaging in strategies to effectively outdo one another. Market intelligence services play a crucial role in keeping an enterprise on the top. Without adequate market intelligence, decision makers will be incapable of better decision-making or altering existing business strategies. Here are some of the best ways in which companies can gather market intelligence:
Information from the sales teams
The sales teams interact maximum with the customers. As such, they can give accurate and up-to-date information relating to customer needs and what improvements need to be made to the company’s products or services. This feedback is more realistic and practical than undertaking external research.
Feedback from channel partners
In the case of product expansion or the sale of a new product, the best source of market intelligence is to gather feedback from the company’s channel partners. Channel partners can reveal data relating to which products will sell better in the market, which products can be ready to stock, and which product should the enterprise focus on next. Market intelligence services can help in suggesting improvements in the company’s current marketing strategies.
Competitors’ channel partners
Reliable market intelligence services provide data relating to competitor strategies. Companies can gather this data by interacting with the sales representatives or channel partners of competitors in the industry. Market intelligence services providers like Infiniti Research can help your company become better equipped to make decisions based on data and then implement winning strategies.
Use social media
Social media monitoring can be used to understand what customers think of a product and whether their expectations are being met or not. Brand monitoring on social media platforms will also help companies understand what customers are talking about the company.
Learn how Infiniti’s solutions for market intelligence services can help you drive better business growth.
Even though the fashion retail industry has fared well over the past few years, market growth has been volatile at times. Growing consumerism, inventory management, sustainability, millennial buying behavior, and entry of new players have increased challenges for fashion retailers. This has pressurized companies in the fashion retail industry to leverage a market intelligence study to drive change and flourish in the fast-changing and unpredictable industry.
The client, a well-known European fashion retail industry player was facing a decline in their overall sales rate along with a dip in the frequency of shoppers. Hence, they decided to conduct a market intelligence study to understand the dynamism in the European fashion retail industry. With Infiniti’s market intelligence solution, the client wanted to gauge customer behavior and understand the extent to which internal and external, controllable factors were playing a part in their dipping sales rate.
Solutions Offered and Value Delivered
By leveraging Infiniti’s solution, the client gained in-depth insights into the European retail industry. The market intelligence study helped the client uncover the reason behind their dipping sales rate. Based on the recommendations offered by our market intelligence experts, the retail industry client was able to prioritize their efforts on factors that would bring the greatest impact to their business results.
The solutions also empowered the client to adequately allocate resources to meet the changing market requirements. Moreover, our solutions also offered information on the market size, market analysis, competitor analysis, and growth predictions.
In a span of 4 months, the client was able to curtail the losses incurred and enhance their profit margin by 22%.
What is Market Intelligence?
Market intelligence is the foundation of any company’s business plan, used for discovering insights about consumers and generating prospective sales. Market intelligence provides detailed insights into competitors, latest market trends, consumer buying patterns, economic shifts, and demographics. Thus, smart business owners leverage intelligence solutions to create effective marketing strategies.
Why Infiniti’s Market Intelligence Solution?
In today’s competitive market, sustaining market position and achieving business growth has become challenging. The inability of an organization to react to the dynamic market increases business risk. Hence, keeping track of market changes is very crucial to thrive in the marketplace. Infiniti’s solutions offer a comprehensive overview of the current market, including competitor strategies, market challenges, market trends, and much more. Our solutions enable organizations to gain a holistic view of the entire market. This insight further helps businesses to customize their products and services and distinguish their brand from their competitors.
With a market intelligence solution, you can gain an in-depth understanding of the market scenario before making any investment decisions. Get in touch today for a personalized market intelligence solution for your business.
LONDON: Infiniti Research, a leading market intelligence solutions provider, has announced the release of their FREE downloadable resources on the benefits of market intelligence solutions. These supplements provide comprehensive insights into how our solutions help businesses to track market trends, forecast demand-supply shifts, and analyze market opportunities.
In today’s competitive market, sustaining market position and achieving business growth has become challenging. The inability of an organization to react to the dynamic market increases business risk. Hence, keeping track of the market changes is very crucial to thrive in the marketplace. Infiniti’s solutions offer a comprehensive overview of the current market, including competitor strategies, market challenges, market trends, and much more. Our solutions enable organizations to gain a holistic view of the entire market. This insight further helps businesses to customize their products and services and distinguish their brand from their competitors.
Our solutions help businesses keep tabs on target market segments, forecast demand-supply shifts, track emerging market trends, regional market developments, and provide insights on the potential impact of changing factors on business segments. Request FREE brochure to learn more about our market intelligence solutions.
#1: Market Intelligence Versus Business Intelligence – What’s the Difference? Wondering what is the difference between these two terms? Well, both the services assist organizations in better understanding their business anddifferentiating their offerings from other counterparts in the market.. Although both are sometimes used interchangeably, it’s important to understand the fundamental differences between the two terms. Our latest supplement explains the key differences between market intelligence and business intelligence solutions.
#3: Healthcare Market Intelligence – Top Trends and Market Analysis: Recent study shows that healthcare intelligence services help companies to address demographic shifts and attain strategic goals at diverse stages of the product lifecycle, from clinical research and approval to commercialization. Download our FREE supplement to gain an overview of the healthcare market and top trends in the healthcare industry.
Get in touch to know more about our market intelligence solutions
Challenges such as increasing compliance complexities, growing competition, volatile fuel costs, and constantly-evolving consumer demand have made it difficult for companies to sustain profitability, let alone expand their market presence. This has taken the tension between maximizing profits and cost-cutting to a new fever-pitch. With the increasing competitive pressure, companies in the transport and logistics industry have been forced to walk the tightrope of delivering a consistent brand experience and balancing price competitiveness. However, growing material and labor costs coupled with market volatility have made it difficult for companies to sustain profitability. This has compelled leading companies in the transport and logistics industry to focus on leveraging benefits of business intelligence solutions for developing effective strategies for growth.
At Infiniti Research, we understand the impact that business intelligence and analytics can have on your transport and logistics business. And to help companies in the transport and logistics industry excel in the competitive market landscape, our team of experts has highlighted the key benefits of business intelligence solutions for companies in the transport and logistics industry.
Expansion is the sign of a healthy business. And with the aid of market intelligence services, business expansion is no longer a distant dream for emerging companies.
Recruiting more staff, expanding into new markets, and building industry reputation are all exciting developments that come with growth. But in today’s competitive market space, growing businesses face a host of different challenges. As the company grows, business leaders start realizing that there is no “one size that fits all” approach – every new opportunity and problem will eventually start demanding different solutions. What worked a year back may not work this year and may not be the best approach. Identifying and mitigating challenges associated with market entry is essential if the business is to survive. Effective leadership will help business leaders make the most of existing opportunities but leveraging market intelligence services can unlock the doors to a lucrative new market segment.
With the rising pressure to sustain profitability and brand image in the market, companies have started facing the need to outpace their opponents when it comes to retaining and acquiring new customers. There’s nothing more depressing to the stakeholders than slow sales or high competition. Companies of today need to be on their toes and constantly think about ways to attract, serve, and retain their customers. Consumers change with every generation and companies need to be agile enough to serve the market as it stands in any given year. Whether you’re in the healthcare, automotive, manufacturing, or retail industry, market intelligence services are still essential for survival. With that being said, let’s take a look at what is market intelligence below and how it can take your business to the next level. (more…)
Today, the manufacturing industry is perhaps one of the most complex and complicated industry in terms of production and operation management in the world. Many manufacturing companies, in a bid to maximize profits, try to simplify their systems to reduce waste of inventory, production, and time. However, to boost profits and growth, manufacturing companies need the help of a market intelligence report. Such reports can help them gain real-time actionable insights into their systems and procedures, which can subsequently help them achieve their goals. But before talking about the solution, let’s look at the challenges that the manufacturing industry is facing globally. (more…)